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MarketScreener Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  Manila Electric Company    MER   PHY5764J1483

MANILA ELECTRIC COMPANY (MER)
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Manila Electric : Meralco to increase electricity rates by P0.1135 per kWh in November

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11/07/2018 | 05:36am EST

After two consecutive months of reduction, Manila Electric Co. (Meralco) on Wednesday announced it will increase electricity rates by P0.1135 per kilowatt hour (kWh) this November.

In a statement, Meralco said the upward adjustment was mainly due to higher Wholesale Electricity Spot Market (WESM) charges following an uptick in demand and an increase in Malampaya gas prices for the period.

The increase translates to an overall electricity rate of P10.0901 per kWh from October`s P9.9766 per kWh.

This will mean an increase of around P23 in the total bill of a typical household consuming 200kWh, according to Meralco.

"Higher WESM charges bring up the generation charge from P5.1908 per kWh last month, the generation charge for November went up to P5.2725 per kWh, an increase of P0.0817 per kWh," Meralco said.

WESM charges went up due to higher power demand in Luzon resulting from warmer temperature in October, the power distributor said.

The share of WESM purchases to Meralcos total requirement this month was 16.6 percent, it said.

The cost of power from Independent Power Producers (IPPs) and Power Supply Agreements (PSAs) decreased by P0.1450 per kWh and P0.5611 per kWh.

"A stronger peso offset an increase due to higher Malampaya natural gas prices as a result of the quarterly repricing to reflect recent movement of crude oil prices in the world market," Meralco said.

Power plants using Malampaya natural gas are First Gas-Sta. Rita, First Gas-San Lorenzo, First NatGas-San Gabriel, and South Premiere-Ilijan, which provided 61 percent of Meralcos supply needs.

The share of IPP and PSA purchases to Meralcos total requirement this month was 42.6 percent and 40.8 percent.

Transmission charge of residential customers increased by P0.0021 per kWh due to an increase in NGCPs ancillary service charges, according to Meralco.

Taxes and other charges also went up by P0.0297 per kWh this month, it said.

"Meralcos distribution, supply, and metering charges, meanwhile, have remained unchanged for 40 months, after these registered reductions in July 2015."

(c) 2018 All material Times of Swaziland. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (PHP)
Sales 2018 302 B
EBIT 2018 31 119 M
Net income 2018 21 626 M
Finance 2018 17 449 M
Yield 2018 4,24%
P/E ratio 2018 19,71
P/E ratio 2019 18,76
EV / Sales 2018 1,32x
EV / Sales 2019 1,26x
Capitalization 416 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 351  PHP
Spread / Average Target -5,0%
EPS Revisions
Managers
NameTitle
Oscar S. Reyes President, CEO & Executive Director
Manuel Velez Pangilinan Chairman
Betty C. Siy-Yap Chief Finance Officer & Senior Vice President
Ray Celis Espinosa Non-Executive Director & General Counsel
Manuel M. Lopez Non-Executive Director
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